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The Safe Way to Prove Income

For any business, the number one rule of tax compliance is being able to verify your income. This is the Safe Principle for Gross Receipts. The either/or dilemma is often between using simple, undocumented records and creating a safe, verifiable history of your income.

Your supporting documents for Gross Receipts should show the amounts and sources of your income. This creates a safe, verifiable history of your income that can be used to prepare tax returns and support items reported on them. Documents to keep include cash register tapes, bank deposit slips, invoices, credit card charge slips, and Forms 1099-MISC or 1099-NEC.

Download the guide to master your S3 Recordkeeping Method: https://www.safesimplesound.com/5-critical-records-guide/.

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DISCLAIMER: This content is for educational purposes only and should not be considered personalized financial advice. Always consult with a qualified financial professional before making financial decisions.

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3 Rules for Your Business Bank Account